Mind Medicine (MindMed) (NASDAQ:MNMD) Given Buy Rating at Chardan Capital

Key Points

• Mind Medicine (MindMed) has received a reiterated "buy" rating from Chardan Capital, with a price target of $20.00, indicating a potential upside of 120.02%.
• Analysts currently have a consensus rating of "Buy" for Mind Medicine, with an average price target of $24.00.
• In a recent insider transaction, CEO Robert Barrow sold 26,491 shares at $6.80 per share, reducing his ownership stake by 3.09%.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Chardan Capital in a research note issued to investors on Friday,Benzinga reports. They presently have a $20.00 price target on the stock. Chardan Capital's price objective suggests a potential upside of 120.02% from the company's current price.

Separately, Cantor Fitzgerald upgraded shares of Mind Medicine (MindMed) to a "strong-buy" rating in a report on Tuesday, May 13th. Seven analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Mind Medicine (MindMed) presently has a consensus rating of "Buy" and an average price target of $24.00.

Mind Medicine (MindMed) Price Performance

Shares of MNMD opened at $9.09 on Friday. The stock has a market cap of $686.75 million, a PE ratio of -7.05 and a beta of 2.45. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.27 and a current ratio of 7.27. Mind Medicine has a fifty-two week low of $4.70 and a fifty-two week high of $10.44. The firm's 50-day simple moving average is $7.80 and its two-hundred day simple moving average is $7.10.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported ($0.50) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.12). Analysts anticipate that Mind Medicine will post -1.35 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Mark Sullivan sold 11,491 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $78,138.80. Following the sale, the insider owned 305,130 shares in the company, valued at $2,074,884. This represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert Barrow sold 26,491 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $6.80, for a total transaction of $180,138.80. Following the sale, the chief executive officer owned 830,065 shares in the company, valued at approximately $5,644,442. The trade was a 3.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,830 shares of company stock worth $311,644 over the last 90 days. 2.45% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Mind Medicine (MindMed)

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC boosted its holdings in Mind Medicine (MindMed) by 67.4% in the second quarter. CWM LLC now owns 4,459 shares of the company's stock worth $29,000 after purchasing an additional 1,796 shares during the last quarter. Diadema Partners LP bought a new position in Mind Medicine (MindMed) in the fourth quarter worth approximately $33,000. Black Swift Group LLC bought a new position in Mind Medicine (MindMed) in the first quarter worth approximately $63,000. CreativeOne Wealth LLC purchased a new position in shares of Mind Medicine (MindMed) during the 1st quarter worth $67,000. Finally, Virtus ETF Advisers LLC purchased a new position in shares of Mind Medicine (MindMed) during the 4th quarter worth $70,000. Hedge funds and other institutional investors own 27.91% of the company's stock.

About Mind Medicine (MindMed)

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.

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